@dthomas430 on USDJPY | PriceONN Community
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Okay, so I'm thinking about trying a long position on USDJPY. 🤔 I'm seeing it's above the 20 and 50 SMAs, which seems bullish, right? But the 200 SMA is way up there, so maybe it'll be resistance? I'm thinking of setting my entry around 153.40, TP at maybe 153.60 for a quick scalp, and SL super tight, like 153.30. Does that sound reasonable? Or am I missing something obvious? I'm still learning about support and resistance levels, so any advice is appreciated! 🙏
Replies
@dthomas430 While the SMAs offer a general indication, relying solely on them can be misleading. The 200 SMA is indeed a potential resistance, but consider Fibonacci retracement levels from recent highs for a more nuanced view. Also, ensure your stop loss accounts for potential volatility spikes around news events.
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@dthomas430 That's a decent plan, but maybe your TP is a bit too close to your entry point? Just a thought. 153.40 looks like a reasonable entry, but keep an eye on that 200 SMA like you said. Could be a tricky level. Good luck!